Ground Breaks on Luxury 323-Unit M-F Project in San Antonio

USAA Real Estate Co., in partnership with Cambridge Development Group, broke ground on a 323-unit multi-family project in San Antonio.

The cry for apartments in San Antonio is growing louder and USAA Real Estate Co. is planning to respond to those looking for luxury accommodations with the development of The Residences at La Cantera. In a partnership with Cambridge Development Group, USAA recently broke ground on the project, which will add 323 units to the hungry market.

Carrying the address of 6215 Via La Cantera, The Residences will occupy five acres within the mixed-use Town Center at La Cantera development. The groundbreaking on the high-end apartment community marks the initial phase of the Town Center.

CF Jordan Construction is overseeing building activity for The Residences, which was designed by Looney Ricks Kiss Architecture. The project is one of a bevy of apartment developments that are underway in the city, but USAA is not deterred by what is, according to a second quarter report by Marcus & Millichap Real Estate Services, a local pipeline exceeding 4,000 units.  In addition to the upscale finishings and offerings, the company expects location to be a magnet for renters.

“The Residences’ proximity to world class shopping and dining along with top attractions and some of San Antonio’s major employers including USAA, Valero, The University of Texas at San Antonio and the South Texas Medical Center, makes it a premier location to live, work and play,” said Pat Duncan, chairman and CEO of USAA.

The long-term outlook for San Antonio provides additional confidence. Jobs will continue to buoy the apartment market, with rising oil and gas production in the Eagle Ford Shale playing a major role. The numbers tell the story. San Antonio’s apartment vacancy rate has been on a steady decline, and by Marcus & Millichap’s estimate, will drop to 6.4 percent in 2012, marking a return to pre-recession levels.